Teaching UGC NET Mock Test Series 2025 (Paper 1 & 2) Accounting and Auditing Basic accounting principles Partnership Accounts
The profit for the year before appropriation in a partnership firm was Rs. 50,000. Shagun, one of the partners, receives a salary of Rs. 4,000 and interest at 10 percent per annum on his capital of Rs. 1,00,000. Amir. the other partner receives interest on capital at the same rate as Shagun. Amir's capital was Rs. 89,000. They share profits and losses equally. What was the total share of profits credited to Amir‘s current account?
1
Rs. 13,550
2
Rs. 15,350
3
Rs. 22,450
4
Rs. 24,350